Penn West shares plunge after SEC files fraud charges

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Shares in Penn West Petroleum dropped Wednesday after the U.S. Securities and Exchange Commission announced it had filed fraud-related charges against it and three former finance executives.

The Calgary-based oil and gas firm’s stock fell by as much as 10 per cent to touch a 52-week low of $1.56 after it was briefly halted on the Toronto Stock Exchange for the announcement of the SEC filing. The stock later recovered some ground to close at $1.66.

The news comes two days after Penn West changed its name to Obsidian Energy Ltd., vowing to distance itself from its debt-burdened and scandal-tainted past.

Read more at CBC News

This article is summarized by Canadian Fraud News Inc.